Princes Square shopping centre in Glasgow has been bought by commercial property and investment collective M Core, with discussions now under way with potential “high-profile” retail and restaurant occupiers.
The price paid has not been disclosed.
M Core is a collective of property investment and management companies comprising LCP, Sheet Anchor, Evolve Estates and Proudreed. The group of businesses has a £5.3bn portfolio of assets and employs nearly 500 people across Europe.
LCP has been appointed to manage Princes Square.
The 118,625 sq ft property features four self-contained retail units along Buchanan Street and an inner mall spread across five levels, with occupants including Levi’s, Michael Kors, Cos, Office, Sweaty Betty and Everyman Cinema.
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LCP group managing director James Buchanan said: "The acquisition of Princes Square is a fitting start to 2024. Situated in the heart of Glasgow, it boasts significant retail, food, and leisure brands. With our proven track record in focused investment and intensive asset management, we are poised to capitalise on market opportunities, enhance value, and provide excellent offerings for our tenants."
Roddy Proudfoot, LCP director and head of the company’s Scotland office, said: “Buchanan Street is a renowned retail and leisure destination with an annual footfall exceeding 52 million, and offers significant potential.
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“We are already engaged in discussions with high-profile potential retail and restaurant occupiers, including new entrants to the Glasgow market, and look forward to making announcements in the coming weeks.”
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M Core said: “Princes Square, occupying a prime position on Buchanan Street, is a landmark within Glasgow's vibrant city centre, which is widely acknowledged as the UK’s best retail centre outside of London.
“This strategic acquisition aligns with M Core’s proactive approach to securing key properties in shopping parades, shopping centres and retail parks nationwide.”
The Princes Square deal follows the acquisition of The Centre Livingston, a retail and leisure destination encompassing one million square feet, by LCP and Evolve Estates.
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